https://www.taxtmi.com/caselaws?id=364325 An acknowledged liability under a tripartite arrangement, supported by correspondence, a credit note and cheques issued towards part payment, was held to constitute operational debt and the applicant was treated as an operational creditor. Non-payment after the debt became due established default under the Insolvency Code, and the petition was admitted for initiation of corporate insolvency resolution proceedings. Objections based on stamping, registration and service of the demand notice were rejected because the transaction did not involve underlying security, notice on a director was sufficient, and technical objections could not defeat admitted substantive liability. en-us Thu, 07 Jun 2018 00:00:00 +0530 Thu, 26 Jul 2018 08:55:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364325 An acknowledged liability under a tripartite arrangement, supported by correspondence, a credit note and cheques issued towards part payment, was held to constitute operational debt and the applicant was treated as an operational creditor. Non-payment after the debt became due established default under the Insolvency Code, and the petition was admitted for initiation of corporate insolvency resolution proceedings. Objections based on stamping, registration and service of the demand notice were rejected because the transaction did not involve underlying security, notice on a director was sufficient, and technical objections could not defeat admitted substantive liability. Case-Laws Insolvency and Bankruptcy Thu, 07 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364325